Need to dream of an India with a $20 trillion economy, says PM Modi

NEW DELHI: Prime Minister Narendra Modi dared India to dream big as he laid out details of his grand economic and development vision for the country for the first time. Heralding the dawn of a New Age India, he said the country was making the transition from a “winter of subdued achievement” to a “new spring”.

“India is a $2-trillion economy today. Can we not dream of an India with a $20-trillion economy?” the prime minister asked at the ET Global Business Summit on Friday in an address that detailed the Narendra Modi doctrine of development in a comprehensive manner, each element segueing into the next. “The government must nurture an ecosystem where the economy is primed for growth; and growth promotes all-round development.

Where development is employment-generating; and employment is enabled by skills. Where skills are synced with production; and production is benchmarked to quality. Where quality meets global standards; and meeting global standards drives prosperity. Most importantly, this prosperity is for the welfare of all. That is my concept of economic good governance and allround development.”

Driving the prime minister’s vision is his desire for the uplift of all Indians, especially the poorest. Invoking Mahatma Gandhi, he said: “Elimination of poverty is fundamental to me. This is at the core of my understanding of cohesive growth.” He acknowledged that the task won’t be easy.

“Quick and easy reforms will not be enough for creating a fast-growing economy. That is our challenge and that is what we aim to do,” he said. “It will take hard work, sustained commitment and strong administrative action. But we can overcome the mood of despair,” he said, referring to growth that slumped below 5% to decadal lows in the past two fiscal years.

Modi became prime minister in May last year after leading BJP to an overwhelming general election victory. Since then the government has kicked off policy changes — and more are to follow — as it seeks to revive growth, lift investment sentiment, generate jobs, make India a manufacturing hub, improve governance and promote financial inclusion as part of the reforms agenda.

The PM headlined a star-studded roster of 700 speakers and guests at the ET Global Business Summit at the Durbar Hall of Taj Palace Hotel in New Delhi. Nobel laureate Paul Krugman, free-trade guru Jagdish Bhagwati and Black Swan author Nassim Nicholas Taleb were among those in the audience. The event that kicked off on Friday will feature a full programme on Saturday.

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The audience included the cream of Indian business, as the prime minister touched upon the economy, development, governance, reforms and other areas.